WORLD OIL PRICES (January 07-11, 2019 trading days)
Dubai crude has increased week-on-week by almost US$5.00 per barrel. MOPS gasoline and diesel have also increased by around US$4.30 per barrel and nearly US$7.00 barrel respectively.
Reasons for the Adjustment (Rollbacks)
- U.S. crude oil prices rose on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown
- Oil prices have also been receiving support from supply cuts started at the end of 2018 by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC)
- OPEC's 15 members pumped 32.43 million b/d in December, 0.63 mil b/d lower than November output of 33.06 million b/d.
- Saudi Arabia pumped 10.6 million b/d in December, down from an all-time high of 11.02 million b/d in November.
- Saudi energy minister Khalid al-Falih reiterating OPEC's commitment to balancing the oil market.
- Upward trending equity markets pushed crude and refined product futures to higher settles in the last days of the week.
- The US oil and natural gas rig count fell by seven to 1,138 during the first full week of 2019, S&P Global Platts Analytics data showed Thursday, and the total is 95 rigs below the recent high of 1,233 posted in mid-November.
FOREX: Week-on-week value of Philippine Peso appreciated against the US dollar by P0.06 to P52.32, from P52.59 in the previous week.
Other recommended reference sites:
- http://www.aip.com.au/pricing
- http://www.indexmundi.com/commodities/?commodity=crude-oil-dubai
- https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price
DOMESTIC OIL PRICES
Effective 15 January 2019, most of the oil companies implemented a price increase of P1.40/liter for gasoline, P2.30/liter for diesel and P2.00/liter for kerosene.
Year-to-date adjustments stand at a net increase of P0.90/liter for gasoline, P0.50/liter for kerosene and P1.15/liter for diesel.
As monitored, shown below are the retail prices in Metro Manila beginning January 15, 2019.
Products
Price Range
Common Price
P/liter
Gasoline (Ron91)
41.45-49.22
45.05
Gasoline (Ron95)
41.95-54.86
47.70
Gasoline (Ron97)
43.40-55.80
49.70
Diesel
36.35-42.25
37.90
Diesel PLUS
38.80-43.98
41.15
Kerosene
40.82-50.90
46.35
LPG, P/11-kg cylinders
531.00-715.00
For more information, call the
Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph